All analysis from category Macro comment
Macro comment
Consumer prices in June: Single-digit inflation returns
After last year's inflation storm, this year's expected calming of price developments is coming. Annual inflation has returned to single digits.
Macro comment
Unemployment in June: seasonal decline in unemployment
The share of the unemployed in the 15-64 population fell by 0.1 percentage point to 3.4% in June. It is 0.3 percentage point higher year-on-year. There were 250 000 jobseekers registered at the labour offices. Seasonally adjusted, we estimate that the jobless rate stagnated at 3.6%, or the decline in unemployment is due purely to seasonal factors, not to developments in the economy.
Macro comment
Retail sales in May: the imaginary bottom of the sales decline
Retail sales fell in May for the thirteenth month in a row on a year-on-year basis. The rate of decline is slowing down due to, among other things, a low comparison base.
Macro comment
Industry in May: growth driven by car production, foreign trade in May: again in surplus
Industrial production rose by 1.6% month-on-month and was 1.4% higher year-on-year on a calendar-adjusted basis. The result was somewhat tempered by new orders, which fell by 4.4% yoy.
Macro comment
State budget in June: one-off budget improvement
In January-June, the central government ran a deficit of CZK 215 billion. In June alone, the budget was in surplus by CZK 56 billion. Although the twelve-month balance has fallen, it still remains an appalling CZK 393 billion and we are nowhere near the full-year target of CZK 295 billion.
